Are my pension and annunity funds qualifie as deductions?
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Are my pension and annunity funds qualifie as deductions?

 
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Are my pension and annunity funds qualifie as deductions?

You'll need to talk to your Pension Fund Administrator to find out what type of Pension Plan you are participating in.  The type determines whether contributions are exclude-able from your income. Generally there are two types of Pension Plans.  However, there are other less common Pension situations, so the only way to know for sure is to verify this with the fund administrator.  

Qualified Pension Plan:

IRS-qualified pension plans offer tax benefits to contributors, whether it is the employer or employee making contributions, or both. In many cases, however, tax deductibility is not an issue, as most contributions are made pretax, eliminating the need for tax deductions on your annual return. 

Non-Qualified Pension Plan:

Your contributions to non-qualified pension plans, such as standard annuities, are not tax deductible, as you contribute after-tax dollars to these plans.


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